Tredje AP fonden raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 58.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 565,015 shares of the cell phone carrier’s stock after purchasing an additional 207,985 shares during the quarter. Verizon Communications accounts for about 1.6% of Tredje AP fonden’s investment portfolio, making the stock its 8th largest position. Tredje AP fonden’s holdings in Verizon Communications were worth $28,892,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Danda Trouve Investment Management Inc. purchased a new position in Verizon Communications during the fourth quarter valued at approximately $25,000. Lionsbridge Wealth Management LLC bought a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $32,000. HighMark Wealth Management LLC bought a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $33,000. AlphaCore Capital LLC bought a new stake in shares of Verizon Communications during the first quarter valued at approximately $35,000. Finally, Permanens Capital L.P. bought a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $37,000. 65.98% of the stock is currently owned by institutional investors and hedge funds.
VZ has been the topic of several recent analyst reports. Nomura Securities reduced their price objective on shares of Verizon Communications from $65.00 to $61.00 and set a “neutral” rating on the stock in a research report on Monday, March 30th. JPMorgan Chase & Co. reduced their price objective on shares of Verizon Communications from $63.00 to $62.00 and set a “neutral” rating on the stock in a research report on Friday, April 17th. Nomura reiterated a “hold” rating and set a $61.00 price objective on shares of Verizon Communications in a research report on Sunday, April 26th. Credit Suisse Group reduced their price objective on shares of Verizon Communications from $65.00 to $61.00 and set a “neutral” rating on the stock in a research report on Monday, April 6th. Finally, Moffett Nathanson reiterated a “hold” rating and set a $58.00 price objective on shares of Verizon Communications in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $61.44.
In other Verizon Communications news, SVP Anthony T. Skiadas sold 10,744 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $57.10, for a total transaction of $613,482.40. Following the transaction, the senior vice president now owns 27,501 shares in the company, valued at $1,570,307.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.07% of the company’s stock.
VZ stock traded up $0.13 during mid-day trading on Friday, reaching $54.10. 19,890,395 shares of the stock traded hands, compared to its average volume of 15,030,494. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.95 and a current ratio of 0.99. Verizon Communications Inc. has a one year low of $48.84 and a one year high of $62.22. The stock has a market capitalization of $223.33 billion, a PE ratio of 12.21, a PEG ratio of 3.62 and a beta of 0.48. The business has a 50-day moving average price of $56.54 and a two-hundred day moving average price of $58.10.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Friday, April 24th. The cell phone carrier reported $1.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.04. Verizon Communications had a net margin of 14.00% and a return on equity of 33.26%. The business had revenue of $31.81 billion for the quarter, compared to analysts’ expectations of $32.37 billion. During the same quarter in the previous year, the business posted $1.20 earnings per share. The business’s revenue was down 1.0% compared to the same quarter last year. On average, equities analysts expect that Verizon Communications Inc. will post 4.77 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Monday, April 13th were given a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date was Thursday, April 9th. Verizon Communications’s dividend payout ratio (DPR) is 51.14%.
Verizon Communications announced that its Board of Directors has initiated a share buyback plan on Thursday, February 6th that authorizes the company to buyback 100,000,000 shares. This buyback authorization authorizes the cell phone carrier to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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